API Fee Schedule

Overview

Orders placed via our API (each, an “Order”) are subject to the rates on this schedule.

Gemini utilizes a maker-taker fee model for determining trading fees for all orders. Liquidity-making Orders are charged different fees than liquidity-taking Orders. If you place an Order that is filled immediately, this Order takes liquidity from the marketplace and, therefore, you are considered a taker and will be charged a taker fee. If you place an Order that is not filled immediately, but instead rests on the order book, your Order adds liquidity to the marketplace and, therefore, you are considered a makerand will be charged a maker fee.

Your Order could be subject to both maker and taker fees. If you place an Order that is partially filled immediately, you will be charged a taker fee on the filled portion. The remainder of your Order will rest on the Order book and will be charged a maker fee when it is filled.

API Fee Schedule

Your fee rate for every trading pair is determined by your gross trading volume in notional USD across all of Gemini’s (i) continuous order books, (ii) auction order books (iii), and block trading over a 30-calendar-day trailing window. Your fee rate will be recalculated every day at midnight UTC (7pm EST / 8pm EDT) and applied to all Orders going forward from that time.

The following rates only apply to your Orders placed via API. For information on rates for orders placed via other applications and interfaces, please see the Marketplace Fee Schedules section of our User Agreement.

30-Day Trading
Volume in (USD Notional)1

Taker Fee

Maker Fee

Auction Fee

0

0.350%

0.100%

0.200%

≥ $1,000,000

0.250%

0.100%

0.150%

≥ $2,500,000

0.200%

0.075%

0.125%

≥ $5,000,000

0.150%

0.075%

0.100%

≥ $10,000,000

0.100%

0.000%

0.050%

≥ $15,000,000

0.100%

0.000%

0.000%

1New API customers will be charged according to the rates for the highest achievable fee tier (≥ $15,000,000) for their API trading activity for their first 30-days.

Block Trading® Fee Schedule

The fee rates for all block Orders (each, a “Block Order”) are fixed at the below rates for all trading pairs.

Fee Calculation

We calculate fees as a fraction of the notional value of each trade (i.e., price × amount). Depending on the Order type, fees will be either deducted from the gross proceeds of a trade or charged to the account at the time a trade is executed. Any fees will be applied at the time an Order is placed. For partially filled Orders, only the executed portion is subject to trading fees.

Fee Denominations

Fees are denominated as follows:

Order Book

Fee Denomination

BTC/USD

USD

ETH/USD

USD

LTC/USD

USD

BCH/USD

USD

ZEC/USD

USD

ETH/BTC

BTC

LTC/BTC

BTC

BCH/BTC

BTC

ZEC/BTC

BTC

LTC/ETH

ETH

BCH/ETH

ETH

ZEC/ETH

ETH

LTC/BCH

BCH

ZEC/BCH

BCH

ZEC/LTC

LTC

Fee Discount Examples

Miguel trades $45,000,000 gross volume over four calendar days during a 30 calendar day window at various times on Gemini continuous and auction order books. His fees paid are as follows:

Event

Action

Side

Taker Fee

Maker /Auction Fee

Fee Paid

30-Day Total

Day 1 @ 4PM

Limit Buy

1,000 BTC @ $5,000

Maker

0.350%

0.100%

$5,000

$5,000,000

Day 1 @ 7PM

Fee re-calc

0.150%

0.075%

Day 2 @ 4PM

Limit Buy

1,000 BTC @ $5,000

Taker

0.150%

0.075%

$7,500

$10,000,000

Day 2 @ 7PM

Fee re-calc

0.100%

0.050%

Day 3 @ 4PM

Limit Sell

20,000 ETH @ $300

Taker

0.100%

0.050%

$6,000

$16,000,000

Day 3 @ 7PM

Fee re-calc

0.100%

0.000%

Day 4 @ 5PM

Limit Buy

1,000 BTC @ $5,000

Maker

0.100%

0.000%

$0

$21,000,000

Fee Calculation Examples

Sell Orders – Fees for limit and market sell Orders are deducted from the proceeds of the resulting trade.

Example: Bob enters a limit sell Order of 10 BTC with a limit price of $100 that fills as a maker at an average price of $101 per BTC. He also enters a market sell Order of 10 BTC that fills as a taker at an average price of $100 per BTC. His fees paid are as follows:

Action

Sell

Sell

Order Type

Limit

Market

Amount

10 BTC

10 BTC

Fill Price

$101

$100

Fee

0.35%

0.35%

Fee Paid

$3.5350

$3.50

Gross Sale Proceeds

$1,010

$1,000

Net Sale Proceeds

$1006.4652

$996.50

Buy Orders – Fees for limit buy Orders are added to the purchase price as the Order fills; fees for market buy Orders are deducted from the purchase price of the resulting trade.

Example: Charlieenters a limit buy Order for $1,000 of BTC with a limit price of $101 that fills as a maker at an average price of $100 per BTC. He also enters a market buy Order for $1,000 of BTC that fills as a taker at an average price of $100 per BTC. His fees paid are as follows:

Action

Buy

Buy

Order Type

Limit

Market

Amount

$1,000

$1,000

Fill Price

$100 / BTC

$100 / BTC

Fee

0.35%

0.35%

Gross Purchase price

$1,003.535

$1,000

Fee Paid

$3.535

$3.503,4

Net Purchase Price

$1,000

$996.50

Total BTC Purchase

10 BTC

9.965 BTC5

Block Orders – Fees for the taker side of a Block Order, the IOI, are added to the purchase price as the Block Order fills; fees for the maker side of a Block Order are deducted from the proceeds of the resulting trade.

Example: David, a taker,enters a Block Order to buy 1000 BTC with a limit price of $100. Market-maker Frank receives an IOI with a quantity of 1000 and a midpoint of $99; he responds by quoting a spread to sell at $99.80 and to buy at $98.20, both for the full quantity of David’s Block Order. The Block Trading® engine then matches them for the full quantity at $99.80. Their fees paid are as follows:

Market Participant

David

Frank

Liquidity Type

Taker

Maker

Action

Buy

Sell

Order Type

Block Limit

Block Limit

Amount

1000 BTC

1000 BTC

Fill Price

$99.80

$99.80

Fee

0.50%

0.00%

Fee Paid

$499

$0.00

Gross purchase price / proceeds

$100,299

$99,800

Net purchase price / proceeds

$99,800

$99,800

NOTE: Fees and account balances are not rounded, even though they may be displayed to you as rounded up or down to the smallest denomination for a given fiat currency or digital asset (e.g., one penny, one satoshi, which is 0.00000001 BTC, or one wei, which is 10^-18 ETH).

Notice of Changes

Any change to our API Fee Schedule, including adjustments to any tiers or rates, will be emailed and/or posted no fewer than three calendar days before such changes are to take effect and no changes will be in effect for fewer than 30 calendar days, subject to any shorter period of time that may be required by applicable law or regulation.

Any Order placed after the effective date indicated in any such notice will be subject to the new API Fee Schedule and you will be deemed to have agreed to the new API Fee Schedule by continuing to use our API.

Order Placement

For more information on how Orders are handled, please see the Order Placement section of our User Agreement.